8-K filed January 9, 2023, 6:59 PM ET CIK 0001496671

other material confidence high sentiment negative materiality 0.90

Calithera Biosciences, Inc.: restructuring charge — Calithera Biosciences board approves complete liquidation; common stockholders expected to receive no distributions

Calithera Biosciences, Inc.

Board unanimously approved dissolution and liquidation, subject to stockholder approval; special meeting in Q1 2023.
Reduction-in-force of substantially all employees; estimated $8M in severance and related charges.
CEO Susan Molineaux, CFO Stephanie Wong, and SVP Eric Sjogren to depart; CFO receives $100K retention bonus for wind-down.
All clinical programs discontinued; Company does not expect any liquidating distributions to common stockholders due to Series A preferred liquidation preference.
Plan to delist from Nasdaq, file certificate of dissolution upon approval, and satisfy remaining liabilities.

item 2.05 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Stephanie Wong

Chief Financial Officer

Calithera Biosciences, Inc.

Filed: January 9, 2023, 6:59 PM ET

Susan M. Molineaux, Ph.D., our President and Chief Executive Officer, and Stephanie Wong, our Chief Financial Officer, will also be leaving Calithera Biosciences as of future date to be determined

Departed

Eric Sjogren

Senior Vice President, Drug Discovery

Calithera Biosciences, Inc.

Effective: 2023-02-03
Filed: January 9, 2023, 6:59 PM ET

Eric Sjogren, Ph.D. our Senior Vice President, Drug Discovery will be leaving Calithera Biosciences on February 3, 2023.

Departed

Susan M. Molineaux

President and Chief Executive Officer

Calithera Biosciences, Inc.

Filed: January 9, 2023, 6:59 PM ET

Susan M. Molineaux, Ph.D., our President and Chief Executive Officer, and Stephanie Wong, our Chief Financial Officer, will also be leaving Calithera Biosciences as of future date to be determined

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Stephanie Wong departed as Chief Financial Officer at Calithera Biosciences, Inc..

Action: will also be leaving
Role: Chief Financial Officer

Exact text from the filing

Susan M. Molineaux, Ph.D., our President and Chief Executive Officer, and Stephanie Wong, our Chief Financial Officer, will also be leaving Calithera Biosciences as of future date to be determined

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Eric Sjogren departed as Senior Vice President, Drug Discovery at Calithera Biosciences, Inc..

Action: will be leaving
Role: Senior Vice President, Drug Discovery

Exact text from the filing

Eric Sjogren, Ph.D. our Senior Vice President, Drug Discovery will be leaving Calithera Biosciences on February 3, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Susan M. Molineaux departed as President and Chief Executive Officer at Calithera Biosciences, Inc..

Action: will also be leaving
Role: President and Chief Executive Officer

Exact text from the filing

Susan M. Molineaux, Ph.D., our President and Chief Executive Officer, and Stephanie Wong, our Chief Financial Officer, will also be leaving Calithera Biosciences as of future date to be determined

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Calithera Biosciences, Inc. announced a restructuring with charges of approximately $8 million affecting Calithera Biosciences, Inc. (complete dissolution) (reduction-in-force of substantially all our employees, including our executive officers).

Type: restructuring
Charge: approximately $8 million
Affected area: Calithera Biosciences, Inc. (complete dissolution)
Headcount: reduction-in-force of substantially all our employees, including our executive officers

Exact text from the filing

We estimate that we will incur charges of approximately $8 million in connection with the reduction-in-force, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-004182

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